Morning Coffee Pre-Market Wall Street News

Abbott Labs Spins of AbbVie. Yesterday Abbott Labs (ABT) spun off AbbVie (ABBV).  AbbVie opened at $34.40 and closed trading at $35.12 yesterday giving the company a market cap of $55.8 billion vs Abbott’s $50.7 billion market cap. Analysts point out the AbbVie relies on Humira sales which accounts for 70% of the company’s profits.  The $9 billion per year arthritis drug will lose its patent protection in 2017. ABT Pre-market: 32.00 -0.05 (-0.16%)

Upgrades

Cisco Systems (CSCO): RBC Capital raised their rating from Sector Perform to Outperform and raised their target price from $21.00 to $24.00. Pre-market: 20.34 0.00 (0.00%)

Medtronic (MDT): Mizuho raised their rating from Neutral to Buy and raised their target price from $43.00 to $49.00. Pre-market: 41.94 +0.06 (0.14%)

Toll Brothers (TOL): Stifel Nicolaus raised their rating from Sell to Hold. Pre-market: 33.45 -0.03 (-0.09%)

D.R. Horton (DHI): Stifel Nicolaus raised their rating from Sell to Hold. Pre-market: 20.40 +0.01 (0.05%)

Morgan Stanley (MS): JMP Securities raised their rating from Underperform to Market Perform. After Hours: 19.52 -0.10 (-0.51%)

Bank of America (BAC): JMP Securities raised their rating from Underperform to Market Perform. Pre-market: 12.00 -0.03 (-0.25%)

JPMorgan (JPM): JMP Securities raised their rating from Underperform to Market Perform. Pre-market: 44.56 -0.10 (-0.22%)

Citigroup (C): JMP Securities raised their rating from Underperform to Market Perform. Pre-market: 41.20 -0.05 (-0.12%)

Goldman Sachs (GS): JMP Securities raised their rating from Underperform to Market Perform. Pre-market: 131.30 -0.36 (-0.27%)

Downgrades

Clear Channel Outdoor (CCO): Wedbush lowered their rating from Neutral to Underperform.

Delphi Automotive (DLPH): Guggenheim lowered their rating from Buy to Neutral and placed a target price of $37.00 on the company.

Waters Corp (WAT): JPMorgan lowered their rating from Overweight to Neutral and placed a target price of $90.00 on the company.

Aflac (AFL): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $55.00 to $54.00. After Hours: 54.08 +0.01 (0.02%)

UnitedHealth Group (UNH): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $73.00 to $61.00. Pre-market: 53.65 -0.89 (-1.63%)

Coverage Initiated

RF Micro Devices (RFMD): Longbow initiated coverage with a Buy rating and target price of $7.00. Pre-market: 4.67 +0.03 (0.65%)

Earning Reports

Family Dollar (FDO): Reported EPS of $0.69 missing estimates by -$0.06.

Markets: 
Futures at 7:00: Dow -0.15%. S&P -0.27%. Nasdaq -0.17%. Crude -0.60% to $92.55. Gold -0.60% to $1678.80.

Europe: London -0.79%. Paris -0.57%. Frankfurt -0.34%. 

Asia: Japan closed. Hong Kong +0.37% to 23399. China closed. India +0.26% to 19765.